BUILDING AND REBUILDING TRUST
It is not just the financial losses (although significant) businesses have to deal with. When fraud occurs there are often a lot of questions about how it happened, who did it, why us? In my experience, there are always more questions than answers.
Often even when there are answers they don’t give the comfort or satisfaction desired and what results is the erosion of trust; trust between customer and banker, trust within a company and between their board and the list goes on.
Often it isn't possible to identify who perpetrated the attack and why. Instead the focus needs to be on preventing these attacks in the first place. That is where education and knowledge sharing come in.
PROTECTING CUSTOMERS FROM CYBERCRIME
It is well known banks have been the favoured targets for fraudsters for many years. Over these years we have developed an understanding of fraud and various attack scenarios but more importantly, we have learned how best to prevent and respond to these attacks.
It is important for businesses to understand what they have of value to cybercriminals. Money is the obvious one, where the first type of attack experienced by businesses is often a fraudulent payment.
But businesses are also a rich source of information - both business intelligence information and personal information.
Directors and other high profile individuals can find themselves targets - there are plenty of examples of cybercriminals gathering data from social media and using social engineering techniques targeted towards individuals to attack organisations.